Your First Bitcoin Purchase Checklist

You Have Learned Everything — Now Let Us Make Sure You Do It Right

Congratulations on making it through the entire module! You now know more about buying Bitcoin than 95% of people in Sri Lanka. But knowledge without action is just entertainment. This lesson gives you a complete, step-by-step checklist for your first real Bitcoin purchase.

Print this out, bookmark it, screenshot it — whatever works for you. Follow it exactly on your first purchase, and you will avoid the mistakes that trip up most beginners.

Pre-Purchase Checklist

Before you spend a single rupee, make sure all of these are done:

• Decide your budget — How much LKR can you afford to invest? Remember: only invest money you can afford to lose completely. Start with an amount that would not hurt if it went to zero. For most beginners, LKR 10,000-25,000 is a sensible first purchase.
• Create and verify your Binance account — Signed up, KYC complete with NIC/passport, account fully verified.
• Enable 2FA — Google Authenticator set up and backup key written down on paper (not stored digitally).
• Set up a personal wallet — Download Trust Wallet or another reputable wallet. Secure your seed phrase on paper. We cover this in detail in Module 4, but at minimum, have a wallet ready.
• Have your bank app ready — Make sure your online banking is set up and working so you can make the P2P transfer quickly.
• Clear 30 minutes — Do not rush this. Set aside time when you will not be distracted.

During Purchase Checklist

Follow these steps in order:

1. Go to Binance P2P → Buy → USDT → LKR
2. Choose a seller — Look for:
   • Completion rate above 95%
   • Many completed orders (100+ is ideal)
   • Reasonable price (compare with 2-3 other sellers)
   • Payment method that works for you (bank transfer is most common)
3. Enter the amount and initiate the order
4. Transfer the LKR to the seller's bank account using the exact details shown — double-check the account number and name
5. Click "I have paid" only after the transfer is actually sent
6. Wait for the seller to release USDT — this usually takes 5-15 minutes. Do not panic if it takes a bit longer.
7. Verify USDT arrived in your Binance spot wallet
8. Go to Trade → Spot → BTC/USDT
9. Place a Market Order to buy BTC with your USDT
10. Verify BTC arrived in your spot wallet

After Purchase Checklist

Your Bitcoin is now in Binance. Now protect it:

• Open your personal wallet app and copy your Bitcoin receiving address
• Go to Binance → Withdraw → BTC
• Select the Bitcoin network (NOT BEP20 or ERC20)
• Paste your wallet address and triple-check it — verify the first 4 and last 4 characters
• Send a small test amount first (the minimum allowed)
• Wait for the test amount to arrive in your personal wallet — this can take 10-60 minutes depending on network congestion
• Once confirmed, send the remaining BTC
• Record your transaction — note the date, amount of LKR spent, amount of BTC received, and fees paid. A simple spreadsheet works.

Common First-Timer Mistakes to Avoid

1. Panicking when the price drops — Bitcoin is volatile. Your first purchase might drop 10% the next day. This is normal. Do not panic sell.
2. Sending to the wrong network — Always choose the Bitcoin network for BTC. Sending BTC on the wrong network (like BEP20) means the Bitcoin goes somewhere you cannot access it.
3. Not doing a test transaction — Skipping the test send to save on fees is not worth the risk of losing everything.
4. Telling everyone about your Bitcoin — Keep your investment private. In Sri Lanka especially, talking about crypto holdings can make you a target for scams or social engineering.
5. Investing more than you can afford — The excitement of your first purchase can tempt you to go all in. Resist that urge. Invest gradually.

What Comes Next?

You have successfully bought your first Bitcoin. Welcome to the club! In Module 4, we will dive deep into wallets — how they work, how to set them up properly, and how to secure your seed phrase like your life depends on it (because your Bitcoin does).

Disclaimer: Bitcoin's price is highly volatile. Your investment may decrease in value. This checklist is for educational purposes only and does not constitute financial advice. Always do your own research and never invest money you cannot afford to lose.